An actuarial valuation released last week concluded that, based on its assets and obligations as of the end of July and assuming no additional sales or obligations, the tuition trust fund would run out of cash in 2014. That’s why prices have been hiked and the $2,000 per year limit imposed. Both are intended to limit any additional liabilities while the agency tries to climb out of the hole it’s in, said Jacqueline Williams, executive director of the tuition trust authority.
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But with that limit and at those prices — and assuming tuition costs rise at the rate the agency is projecting — a student starting from scratch today would never be able to accumulate enough credits to fully pay for college. “It’s unfortunate that we have to impose those limits,” said Williams. “But we also have 17 other investment options. You still could put money into the other funds.”
Her own son’s tuition at Miami University is being funded by units she bought years ago, before she was associated with the agency. The other options include investing in mutual funds, whose returns are not guaranteed and are subject to market risks. The prepaid units are all but risk-free, since they’re backed by the state of Ohio. William said that until recently the tuition trust fund had a surplus, built through strong investment returns during Wall Street’s long bull market of the ’90s.
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Back then it projected a 7.5 percent annual return on its investments, higher than the expected 6.5 percent increase in tuition costs it would have to pay out. So it sold tuition units for just a bit more than their redemption value, figuring investment returns would outpace rising tuition expenses over the long run. “We used to price pretty close to what a unit would redeem for,” Williams said.